FX.co ★ Wave analysis of EUR / USD for February 20. Is Eurocurrency ready for continued growth?

Wave counting analysis:

On Tuesday, February 19, trading ended for EUR / USD by another 30 bp increase. Thus, the pair continues to build the estimated wave 4 of the downward trend section, which assumes the form of a triangle, or the three-wave structure downward is completed. The instrument proceeds to construct an upward trend segment at least a three-wave trend. One way or another, now the tool has hit the 23.6% Fibonacci level, and the euro's future prospects are directly related to the willingness or unwillingness to make a breakthrough at this level.

Sales targets:

1.1228 - 0.0% Fibonacci

1.1215 - 0.0% Fibonacci

Shopping goals:

1.1356 - 23.6% Fibonacci

1.1408 - 61.8% Fibonacci

General conclusions and trading recommendations:

The pair completed the construction of the descending wave 3. Thus, now I recommend buying with targets located near the estimated mark of 1.1356, which corresponds to 23.6% of Fibonacci, and above, about 1.1408. According to Fibonacci, a successful attempt to break through the level of 23.6% will indicate the readiness of the euro to continue building the upward wave.